Shares of Gemini jumped in after-hours trading following better-than-expected fourth-quarter results, signaling renewed investor confidence despite ongoing losses.
The crypto exchange reported Q4 revenue of $60.3 million, marking a 39% increase compared to the same period last year. This figure exceeded analyst expectations of $51.7 million and represents the company’s highest quarterly revenue in three years, according to co-founders Cameron Winklevoss and Tyler Winklevoss.
After the announcement, Gemini’s stock (GEMI) surged as much as 14% in after-hours trading before settling with a gain of about 5.8% at $6.36. The stock had closed the regular trading session flat at around $6.
Revenue Growth Driven by Credit Card and Fee Changes
Gemini attributed its revenue growth to increased adoption of its credit card offering and a revamped fee structure introduced in the second half of the year. Notably, the growth came even as overall trading volumes declined, suggesting the company is becoming less dependent on transaction activity alone.
The earnings were released during a challenging period for the crypto market, with Bitcoin experiencing a sharp drop from its peak above $126,000 in October 2025 to significantly lower levels by year-end.
Despite strong revenue growth, Gemini reported a net loss of $140.8 million for the quarter, a significant increase from the $27 million loss recorded a year earlier. For the full year 2025, total losses reached $585 million, compared to $156.6 million in 2024.
Layoffs, AI Adoption, and Strategic Shift in 2026
In response to market pressures, Gemini has been aggressively cutting costs and restructuring operations. The company revealed it has reduced its workforce by roughly 30% since the start of 2026, following earlier announcements of layoffs affecting about a quarter of its staff.
A major driver behind these cuts is the growing role of artificial intelligence within the company. According to the Winklevoss brothers, AI is already responsible for more than 40% of production code changes, with expectations that this could approach 100% in the near future.
Gemini is also narrowing its geographic focus. Earlier this year, the company exited markets in the UK, EU, and Australia, citing difficult regulatory and market conditions. Instead, it plans to concentrate on the United States, where it sees a more favorable regulatory environment for crypto businesses.
Prediction Markets and Expansion Plans
Looking ahead, Gemini is betting heavily on new product lines to fuel growth. The company recently launched its in-house prediction market platform, Gemini Predictions, across all 50 U.S. states after securing a license from the Commodity Futures Trading Commission.
The platform is expected to play a central role in Gemini’s evolution into a broader markets-focused company. The firm plans to expand its prediction market offerings while also scaling its credit card business and core exchange services.
Additionally, Gemini aims to use the infrastructure behind Gemini Predictions to support future financial products, including perpetual futures contracts, pending regulatory approval.
